.480/230 cam in an 8.5 CR 360?

When you are at 8.5:1 with a cam designed for 10:1 CR; more compression will definitely help. And it will help throughout the rpm range. Some modifications do not do this....
Once you increase the CR, I would advance the cam to 104-105 ICL. This increases low end tq by closing the int valve earlier & trapping more air.
You will need to check valve to piston clearance before doing these mods. I doubt there would be a problem, but best to check.